R. ROMI Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This appeal is filed by the assessee challenging the order passed by the Income-tax Appellatre Tribunal, Cochin Bench in IT(S&S)A No. 13/Coch/96. The assessment relates to the block period from 1.4.1985 to 15.9.1995.

(2.) The facts involved in the case would disclose that the assessee was assessed to income tax for the block period from 1.4.1985 to 15.9.1995 under Section 143(3) read with Section 158BC of the Income-tax Act, pursuant to a search under Section 132 in the premises of one Sri. Babu Rajendra Prasad and Sri. Sasidharan on 15.9.1995. Notice under Section 158BC was issued to the assessee on 25.6.1996. He filed return of income declaring nil undisclosed income on 22.8.1996. Subsequently, the Assessing Officer passed an order under Section 143(3) read with Section 158 BC of the Act on 27.9.1996 determining the total undisclosed income at Rs. 9,55,380/- and demanding income tax of Rs. 5,73,228/-.

(3.) The assessee preferred an the appeal before the Income-tax Appellate Authority, which was disposed of reducing the estimated additions made in the assessment order. The assessee had taken a contention that the entire assessment ought to have been set aside as no notice was issued under Section 143(2) of the Income-tax Act. However, the Tribunal did not accept the said contention and modified the order only to a limited extent.